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If your gift results in a gift tax, you, not the receiver of the gift, are responsible for paying the tax. The gift tax return (Form 709) and the taxes on gifts in excess of the annual gift tax exclusion can be handled in one of two ways. You can pay the tax on the gift on or before the time your income tax return is due (April 15 of the following tax year or later if you file an extension), or you can use a portion of your applicable exclusion amount for any federal gift tax due.

From

Cover of JK Lasser's New Rules for Estate, Retirement, and Tax Planning, 5th Edition

Note

The Welch Group has a correction to this note. http://welchgroup.com/links/ Book Updates